Early this morning, Wyndham Worldwide (NYSE: WYN) released its quarterly earnings, handily surpassing the Street's expectations thanks to a rise in first-quarter results. The hotelier announced first-quarter earnings of 25 cents per share, a penny better than a year ago. However, taking restructuring charges out of the equation, WYN would have earned 41 cents per share, far better than the expected 36 cents per share. These results are in stark contrast to a loss in the previous quarter, thanks to the realignment of the company's vacation ownership business and other cost-cutting measures. Quarterly revenue fell to $901 million.Looking ahead, WYN forecast adjusted second-quarter earnings of 36 cents to 41 cents per share and $1.61 to $1.85 per share for full fiscal 2009.
Technically, WYN may be set for a nice rally. Although the equity faces overhead resistance from the $11 level, the stock's 10-week moving average is on a collision course for a bullish cross of its 20-week counterpart. This technical formation often precedes a continued rally, and considering that the 10-week moving average is acting as support - this could be a major bullish development for WYN. Looking at a daily chart for WYN, the stock should hit a bumpy road in the $10.50 region -- as has been the case recently.
What is interesting is the fact that WYN's profits increased, despite the current economic environment. It certainly appears that someone may be doing something right.
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